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3/28/2012 4:00PM

Facebook May Go Public in May

Facebook is preparing its initial public offering for May, Pope seeks greater freedom for church in Cuba, Annie's shares soar in market debut, the U.S.'s ticking fiscal time bomb and MF 'autopsy' report expected by summer.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... justice discontinues barring of the health care law and help them but they are holding mass in Cuba may surprise against shows up ... will tell you know ... all I'm all right and right now on the New Saab good afternoon and welcome I'm Simon Constable Dennis Berman joins me for the entire show thank you been that ... excited about double wide for both TiVo ... but first we're going to go to Washington DC was just craving is standing by to tell us about what happened ... today with the health Campbell ... this up but then there is this a just ... war was the topic of conversation ... well there were two topics ... in the morning the court to address the possibility ... that if ... the individual mandate to carry health insurance is struck down ... how much if any of the rest of the walk to fall as well ... in the afternoon ... the court heard the argument over whether the Medicaid expansion ... by his itself constitutional or whether as twenty six states led by Republican governors ... and ... unconstitutional eco worse is the states ... to support a program that they don't want ... I just seem like the I told ... but reports on the ... exchanges the report what is ... a little more bombastic a little bit more caustic ... we saw previously of assistants are par for the course for for this court but ... it's a decision it was willing to pay this thing ... this might not survive ... well that's true this was of course the third day and it's as if the ... suspense and drama builds with each day I mean the Supreme Court ... it is ... not a place for you see a flamboyant rhetoric like he might in Congress across the street ... but by this day ... the weight of these discussions and the realization that up at least half the court and perhaps most of the court ... has breeds skepticism about many of the things I've been taken for granted for decades about the relationship between ... the federal government and the states ... this was a port that seems certainly open to reconsider and some of the doctrines that have held sway ... almost since the new deal ... body and the interest in these topics than in the quarter it was given five after hours of argument ... that later extended to six hours of the government's request ... that four when an extra half hour today ... just because the justices had so much to ask ... any of the kids had so much the same response in what seemed to minimize hoops content contained its contentious issues ... well ... they know the health care law is two thousand pages long includes not only the thing that we mainly talked about their apartment that most people carry health insurance ... but many many other provisions most of which are unrelated but have something to do ... with health whether they are of the flak one disease ... treatment program or ... health subsidies for American Indian reservations or requirement that restaurants include calorie counts on menus in question is ... how any of those that ... also stood ... up ... TV for also fall definitive don't mandate falls and the the the inflammation from at least the questions the justices were asking seem to be ... that they don't wanna get into that by the end of the ... of the situation of reviewing each provision ... and seeing which is related enough to be individually and eight and which one is not ... and might just drop the entire thing like Congress start from scratch ... now the government had a different view ... they do agree that ... if the new vigil mandate goes to related provisions ... one requiring insurers to ... cover anyone who shows up in one barring of rejections for preexisting conditions ... that ... that those would have to go also because they would not be financially viable without a ... universal or near universal participation in the rest will want ... to say the rest of the law ... including the creation of state based health exchanges ... some of the subsidies that people can afford insurance so with ... the rest of it should stand because it is not subject to constitutional challenge ... that the most respectful thing to do with the left the span of our stuff like that they can always amended ... the court did not see persuaded of that argument I think it's too ... close to send to say the court was ... taken with the opposite view however that the entire law should go ... if it does I believe we can call this across ... to stay with us to the deaths of one diplomat ... chief Justice robots today up from from the hearings the joining ... of ... does reality of the passage and this was a piece of legislation which there was ... handed the concerted effort to gather enough votes ... so that it could be passed and I suspect with a lot of these miscellaneous provisions that justice wire was talking about ... that was the price of a vote ... in the Indian healthcare ... provision and I will vote ... for the other twenty seven hundred pages ... in the black one provision in our go along with it ... it that's why ... all the many of these provisions I think are putting off because there were an objectionable ... so presumably what Congress would've gone is they would have been able to put together cobble together the folks to get it from ... that was the chief justice for all but such ... talking about me personally the Weta sausage was my out of debt just revenue but it took another way this also has made is that where the ... relevance of this can explain how it is now ... well you know in in many ion any bills ... there is a section that ... says Congress' preference that can ... sum up of measures struck down then the rest of it will ... remain intact ... this bill does not have a provision that says one where the otherwise Congress would prefer the Ford deal if it found one provision or another unconstitutional ... so ... then it was in that situation the courthouse to ... look to certain objective factors to decide how to approach the piece of legislation usually ... they don't do things like trying to psycho analyze the legislative process is uber the chief justice can be used to look to structural elements of the bill ... and they tried a ... look at what can stand by itself and what cannot ... so on but I think today we saw a lot more of a of the of a kind of ... of ... analysis of what the legislative branches due process prevented it certainly didn't seem like they have the members report a lot of regard for ... thank thank you Brian much just within an hour to firm up justices Ruth infliction of that sea of love with the ... court she said ... addressing Paul Clement the Johns's lawyer ... to make so many things you can use ... and ... then ... I'm constantly OK and the leak and he did ... today we're on the right thing with the Indian Health care improvement and ... changes to pay back for a long benefited ... twenty ... least we do those families that question ... when do we say everything you do the snow rain and got contracts ... or a cafe can pay them anything to name that had nothing to do ... with it ... they're affordable health care ... and this summer ... head and making the right time to decide where they work and interact ... so why didn't we say ... he joined the training ... of wrecking operation which is what you are requesting ... on ... a salvage John ... and a more conservative ... approach would be salvaged hadn't been growing at everything ... reflect better by saying salvation of his rocking Dennis you itching to doubt that why was one voice we're not hearing here is the justice Kennedy ... just tell us of whether justice Kennedy spoke up ... and how you perceive his comments because these eyes and so many of these cases ... is an important vote ... well just ten am until it's also one of the morning session and on what the what the lawyers call severability of sections of this law and ... justice can be by his questions ... seem to find it less problematic ... to just strike down the entire law assuming that any part of it has to go but then to try to parts of the document for what can stand in what might not that was definitely the the the meanings of these questions ... upbeat but cautioned that we have safer for those who watch report frequently is that ... of all some justices Telegraph ... they're ... they're open positions quite clearly through these arguments sessions Justice Leah perhaps more than anyone ... by Justice Kennedy's questions ... tend to seem to reflect ... what he's actually puzzling over and pondering and sometimes he may reach different conclusions so we I mean we can call his vote the way we might some other members in court ... but ... his questions all seem to be named ... at that that that govern all seem to be sympathetic with the view ... that the cleanest thing that the court that you shouldn't strike down the insurance mandate ... this together the entire battle and lack ... of Congress shouldn't choose to re examine help but care ... start again ... with them for every ethylene that that's really should ... be smooth and easy to ... dismiss the entire Congress Rob Wherry why we have deleted that so the question for another thing I can read much just brave and all the Wall Street tunnel ... in Washington DC check out a story on the vs day don't call Wells book SA sliding but I mean sure has a wide jumping ally companies on the clothes that reading will tell you about that ... after the break ... with back with all the new supper at the beest live I'm Simon Constable will the U S is headed towards a fiscal plan ... according to abandon Anqi David Wessel is not handicapped the likely outcomes but first Pope Benedict calls amassing Cuba and a surprise guest shows that we have a live report now with Nicholas Casey using a bank you but ... I'm making the on the phone with us that tell tell us what's been going on ... and given that this is the second time only to the Pope ever come to Cuba ... but the big deal and it also comes at a time where ... to put this off the shelf more up to the Catholic Church on the back to ... the tothe he didn't have a lot of money right now ... it depends heavily on ... the beach but its waiver ... wire that you went to confection survived the revolution that your readers the Catholic Church ... so much of the reason the Pope is to promise to be able to talk with the government ... about what role the church played ... in Cuba I would wonder what might play in this this have laughed in the country in the ... world ... I knew Scott ... so what's the answer ... what quality yesterday that the kids don't do and discussions you but that does a lot of changes which it can import ... there was a time where Fidel Castro who can sell ... to adjust with schools ... nationalized all church property including this will be good on cue ... now because that many of the tube in school ... that that they hear tales ... of children going to school in the seventeen euro teacher was teaching them ... then the schools are struggling to that power train ... to when you're actually got them both up by opening school ... but by trading futures and out there to work ... on a cute especially in charge of feeding the people ... that were like amateurs but the two opens a picture ... of it to be given to deal ... with them sell provided an ... optimistic that the wall was but what was a big topic of ... about where I've basically Pope ... Benedict that he did that I'd I broke up throw ... also after that he thought ... the turkey to have a bigger and bigger role ... in Cuban lie ... in actually on the other day out and do well they got ... that that extra Casino Capital holiday in the calendar to go with the top of that defeat ... you're on the ground there in the band ... we see some pictures it's a pretty striking images ... what's your take on the mood in the streets the perception of the probe ... and from the political leadership there ... in Cuba ... what what what did you think about it like it like a white cap the countries where ... the wildlife in countries where you have large populations of Catholics ... after all the ... good of the revolution ... the order to cap it can chew but one thing that you're you're a streak of ... people cutting board Catholic to the map of the open though ... curiosity but what ... about ... Cuban television ... an informational ... shows to to tell people what is preached to them ... and what the Pope does so ... um other people that you're in ... what the church is all about to begin with ... which have been you don't see a bottom in light of ... the week up by the Catholic now we understand that Fidel Castro showed up but to make the top tells about that ... if so Fidel Castro who's who's who's really write that no one ever ... explained what his biggest was when he gave us our ... positioning to tap into the Bay Cuba in two thousand and six when ... with this post the tradition I've ... he added he did meet the Pope today ... and Dom I ... The Apple spokesman Father Lombardi to depart from where he talked about ... that they have a nice conversation and that what was the political ... help but think the Pope like God ... he wanted to have a victory to ... the jaw of a second ... yet if I'd ... be saying ... um so we'll see where that goes with them the relationship between Fidel ... and the church is an interesting one because remember ... the dough was excommunicated ... of what the Pope years ago ... so out of it yet it's it's always been itching to get when you speak to the pastoral ... meaning to post one striking image their ranks ... but all why didn't the infidel and then we'll walk to that yet and yet you can on the porch listening excommunicated to the point about the religion anyway thank you Brian much of that we had the tasty with a Wall Street gentle and have an IQ but we really appreciate it signs of life ... um ... I was so will some fast many photographs with an interesting double the price I could talk as I have someone who also ... dropping will total about that ... half the price ... acrimonious up at the beest live I'm Simon Constable stops the been sliding tonight and an easy chance of an ... something like bunnies on a pleasant day of trading the talked often Cheng here to tells all about it ... but some of the general market on the bunnies among ... the second half of ... the market trough a lot today ... it looks like a triple digit decline in the Dow but we ended up down seven point so ... not too much damage that if if the audience down seventy two ... right on the Dow ... so five days and seven ... a lot of people start to ask the question is this rally really to coupons ... keep in mind the magnitude of the decline has been all that much fun stuff ... it's the Jordanian that Mr would ... it do we know why it's forced to read out what is the thing that was the massive amount of news today ... it was moving the markets I know ... I would probably gets the sentencing for two years housing data and ... we believe it sees the sun doesn't on housing but we want durable goods data and the OB today on and it's so yes I that's the question as we always did like how far is the market run in is that ... equivalent to what conditions suggest then ... still be in and ran up so fast the first two to three ... months of this year and the list increased assets as of last the history of the ... as of last month is up twelve point three percent this isn't Katie and went to the tothe bundled up which is a phenomenal drop not tell us Jonathan found ... these bunnies ... the right of these bunnies to any shares or anything like that and so that everybody loves fried write any also operates supermarkets as it stands out so they are ... it didn't float a lot of the shares that's been a strategy that a lot of companies going public have done ... that keeps supply down so you just get over that of demand for shares of ... Sony son percentto everyone that today ... I mean that's that's what it said it is sad aam and the market debut at the ... after ... show that is the so the full price because it does not show where ... but the soul that already has led the Dow down to the mother of all Montine basically be that that the jumpers from the IPO and that's right it's a seventy two percent movement and ... I have an effect of the kids that some fighting this this this is ... an isolated ... would they want the West IPO has many notable that it was my money basically it failed to complete the puppet to go up there still selling organic pasta rents and cookies and crackers is that not on higher margin businesses ... yet yet yet I mean you bubble but I ... reckon she's totally fee but if you were really looking at these businesses ... were seventy two percent from what ... that says fool all I ... give ... you money on that level for them but the but the of the company recently that we deleted that thank you much to contend with a Wall Street gentle ... catch Jonathan and again allied weekdays at ten thirty the markets up to add WS J live ... well placed for his timing mat and ... that's the month of May for its IPO its initial public offering me up Friday Smith John is on the set now to tells all about this the only non Chinese with this last one is just ... pretty exciting but I'm not a lot so ... this is the long awaited the network news about it so ... will we now while the single for this or even ... the trigger was that that they briefly halted trading in the secondary market pre IPO shares and that ... the thinking is that Dell DELL Cotto will announce first-quarter earnings in summer in the middle of April ... toward the end of April ... bill set a price range will do a ... ten day road show ... and that some ornamental metal parts are IPO ... well ... mid-May is ... relatively on schedule to Grassley ... little bit later ... the the the original range was like people in Canada and this is what the middle of it lol but since the robots ... aren't up ... what's the buzz and the feeling right now but what this company is worth ... I you know I have heard numbers as low as ... eighty to nineteen million but some a little info very low ... and the stock is trading now at around a hundred ... billion dollars by the secondary market is unsure ... how ... the investment bankers series has been since a few months ago say it could trade a hundred fifty never will is two hundred already so ... it's hard to think of them having to say what ... bank Islam because the Toffees all doing it on the giving of investor it makes it all straight from ... the hiking conversation but you know I think it's it's been given the amount of people who work in never bought stock someone to buy Facebook stock ... I think it could be a lot of speculative froth the market's been going up this ... tour through our office but it did not mean that this is the far off the main logo on it whenever we write a Facebook story that gets in cliques go up ... so her body wants the ... summit said it agreed that the aunt my mom's may be looking at some of mom's and its tiny gets then is that something you want boy crying is the name of the show I would be so stunning that string theory something deeper and ... clearly been signaling since the end of last year ... when we wanted you with me ... pre much they did disclose their financials which is part of being a public company so they can cross that line ... and really the only thing to do with the Street The stock and a twenty one unless the market goes down twenty percent suddenly I'd be stunned if they delayed investment ... what we show which awakens the fact that much that was made all the Wall Street double check out the story online ... for U S is headed towards a fiscal cliff the Midwest was going to handicap the likely outcomes but first ... report on MF Global is likely to be complete by the summit Collin Barr is gonna tell us all about this now need to some the site ... Colin de aam at MF Global because I'm sleepy I'm headed by John cause I may collapse ... completely and hopefully ... once this report taking so long ... um well I think we've seen for the practice that it's it's taking wafting out what happened with the money is missing is the more than billion dollars missing in ... the Pursell when he got exactly what happened that's a sentence of that the steering wheel or a you ... know ... of course we've seen some evidence come out in the documents ... compiled by the Congressional committee ... is there a better picture than there was what seems like we ... have a few more ... years and eleven they speak with their feet ... but do this the sort of big step in front of us the true figure out what happened in that kind of a routine call them today but we do not have very few if ... any one of the things that happen states that ... one of the key people Edith O'Brien to restore the center of of of water flow of money ... um she she was called to testify and and and she ... took the fifth wicket specific declined to answer questions so as to what self incrimination ... in this is your ... this is right at the center of this issues is why was money moving into maintenance decisions in ... and so we we we don't ... know the risk of heart ... in a fast-moving organization ... for people making individual sessions all the time to reconstruct these decisions something was going to write that sentence is very ... very hard I think that there have been some comments made to the fact that the Mets recordkeeping snot if they work and when a Good housekeeping ... that there are some things that that word on that to me the ... um you wouldn't brought up that way the textbooks and I think that that adds to the tune of course you got the diplomatic you would go in as I said this is the last set was was truffles on this hearing tonight and eighty cents a ball right at the core Zine continue to get the sort of because he's such a high-profile tube Goldman guy he was governor of New Jersey ... um you people go for MF Global truths years in a different direction try to make it into high profile for me this big that once offered a contract not worked out well ... so where high-profile yet it was time to write the ... high-profile one right way so he he I'm the sort of yelping and in this room in it but there is that it's it's not that it's it's not something where he's going to therapy every day in ... and and can speak to us ... that tell tell us that his his thoughts into words ... how we feel stuffed Weatherford threw them giving instructions ... the sorts of things from him ... but the outlook of August in a pot idea bridges exhibitors the mop up that we get with the book but I ran much cut off the Wall Street tunnel ... check Whole Mall map on WSJ don't come low price like the diligence us some tools and dropping ... but for ... the U S credit towards a fiscal plan a program to ninety cents ... and David Wessel he's gonna handicaps of likely outcomes he joins us now from Washington DC where is the only witness to witness that we must and that is that the US ... but the capital Kubo Koehler said that for awhile is now back in our tax money that when I say various areas again thank you Grandma stated ... some of the fiscal cliff it's great for mass a Dom from from our old ... photos of Cham and ... you have some likely outcomes when he takes us through the three likely outcomes ... well the ... purchase is in the Congress to use a different metaphor filled itself a time bomb is that the bomb go off before the end of this year ... the payroll tax holiday and income tax rates go but up not just for rich people for everybody ... the steep across the board spending cuts and some were there didn't have to raise the debt ceiling ... so they did this deliberately to try and force them ... to make some decisions on the deficit ... the problem is ... he does it's not all clear that they're going to be able to make those decisions before the end of the year ... so quite quickly their three outcomes one ... they do some grand deal may this action forcing event that the election they'll come to their senses ... to win the national interest ... have some grand compromise I'd give that about one in four chance ... us ... is that ... why given this Congress know that I mean that the scenario is ... they ... have complete standoff ... and that taxes go on ... a mini get cut it the ended the year ... and they ... that makes them a try and fix it and the new Congress ... with either re elected President Obama a new president ... I get that when a fortune ... I get up to him for changes to the kick the can down the road ... unable to come to terms with ... the of the ... find a way to really deal with the deficit ... are willing to let the time bomb because ... they come up with get some other way to save global climate defuse the time but now believer I really really promises ... to deal with it the next year ... and of course David of markets will be reacting to this ... under this roof ... to get it I mean it's only ... March at this point but to ... we can expect an imagined ... come fall ... of markets are really good to be ... on edge about these topics ... actually ... I think that those of the anti cube write today but as this in my column The ultimately ... we know the in the ... annual change ... based on three things one ... who wins in November ... if either Democrats or Republicans when really they are the chances of actually doing something go up ... to ... it ... gives judges second Tim Geithner says ... I cannot wait for debt ceiling ... increase ... be on the end of the year ... that becomes must pass legislation or to get that legislation passed ... them AFC actually have to do something ... baby symbolic meaning meaningful deficit for the third is the point you make ... the market seem totally unconcerned by ... either these this time bomb that sticking ... or the fact that for all the talk about the deficit ... really the Congress the president did manage to free and nothing significant ... about reducing it ... if the markets wake up the house is ... so much that the luxury of delay and deferred the land for this of course is the message of the Simpson Bowles who've been on there are some of each for bought probably a year now making this point we don't want Markets ... deciding these outcomes for us but maybe David that's really what it will take ... to spur of both parties and ... different to the size of government ... to come to a conclusion ... gasoline may well look at the situation that we have very high unemployment still high for three percent ... we have very low interest rates that ... the ten years of one or two percent somewhere ... so the urgency of dealing with the deficit which means spending cuts tax increases ... is not on the US ... I'm ... also people are worried about jobs not about the deficit ... so the politicians don't feel much pressure ... there are a bunch of people say oh I only with the bond market retailer do something ... I'm not one of the latter really what these guys to have a market crash before the do something ... the reason you are watching that only that will get them off their bikes ... summit maybe we will have to be the tail wagging the dog of a site with deleted that thank you very much that I was so check out David's column to capital column in The Wall Street jungle ... tomorrow on the vs day today ... OK will be ... acquisition of the dog is for two point one five billion dollars has some tools dropping and we thought ... fundamentally it's an app ... to explain the sun we used to throw your pick your jaw drop ... I think in beneath the captain of it and people have expected this team go for one point five billion one point six lane somewhere and then ... today now I was a special that I want when ... I met my friend ... when you stop by best ... stripping number but Bell's back and explain to us this ... is not to do with baseball for say ... has to do really with the media ... and advertising he says that a deal for baseball team this is a tool for local sports TV rights of weeks for a team like the Diq's marquee team and huge marking them I see some valuable ... property ... in ... any industry today ... and they seem ... to be facing challenges in MCC towns from who ... Netflix also to ... the new series is with the really wanted these live ... TV ... dumped them and that keeps you ... with your cable subscription whatever Bob was remorse when you open it mean that the isthe coat that we discussed the Puda Coal in a desperate when you above a bid to something you spend so much money on something you can possibly make it what ... is lacking in the case there's anyone saying that in one sign of two point one five with ... them the beget the returns they need um as investors what I think some people were saying that people who advise their clients ... not to be more than one point two billion dollars of the state ... of the ... Irish word and ninety today they had this big money like people and so he's been there but the ... but ... what they ... are takin that though is that ... this is not to meet the need to make a return on tomorrow this is simple classic buy and hold thing ... they ... all say the added the pace is ... still a ... lot of investment the ones that don't go up ... is no good to be honest we consoles ... and nineteen sports sports anything goes at ... least it was proven last it's the it's the it's in the smart money of the lot Siegel and as for manager ... Peter because without ... over the products on signs like planets Maffei Mumbai for much the Nusbaum on I'm Simon Qassam on that's it ... that's new supper now comeback applied for opinion Journal Live back tomorrow ... small quick stop at the beest live have a great afternoon ...